Antigua and Barbuda, July 2024 – The European Union (EU) and the Organisation of African, Caribbean and Pacific States (OACPS) have committed to a collaborative effort to implement the Antigua and Barbuda Agenda for Small Island Developing States (SIDS), a pivotal outcome of the SIDS4 Conference held from May 27-30, 2024. This initiative aligns with global frameworks such as the Samoa Agreement, the 2030 Agenda for Sustainable Development, and the Paris Agreement on Climate Change.
Fostering Resilience and Sustainability
The SIDS4 Conference, under the theme “Charting the Course Toward Resilient Prosperity,” emphasized the unique challenges and opportunities faced by SIDS. The EU and OACPS’s cooperation focuses on key priorities such as environmental sustainability, climate resilience, and the sustainable management of natural resources. These efforts are geared towards fostering inclusive and sustainable economic growth, particularly in blue and green sectors, with significant involvement from the private sector.
European Commissioner for International Partnerships, Jutta Urpilainen, highlighted the EU’s commitment: “Our partnership with the SIDS is a testament to our shared values and goals. We are dedicated to supporting these nations in building resilience against climate change and fostering sustainable development through our substantial financial and technical aid.”
Multilateral Engagements and Financial Reforms
The EU and OACPS are poised to work closely ahead of significant global gatherings, including the upcoming UN Summit of the Future, the Rio Conventions’ Conferences of Parties, and the 3rd UN Ocean Conference. A crucial aspect of their collaboration is the development of a Multidimensional Vulnerability Index. This index aims to better capture the unique vulnerabilities of SIDS, which are not adequately reflected in traditional economic indicators like GDP and GNI per capita.
The OACPS Secretary-General, Georges Rebelo Pinto Chikoti, emphasized the importance of this index: “Recognizing the distinct challenges faced by SIDS through a Multidimensional Vulnerability Index is a vital step towards equitable and effective international support. We urge development institutions to integrate these measures into their frameworks.”
Additionally, the EU and OACPS support international efforts to reform the International Financial Architecture and multilateral development banks, enhancing their capacity to tackle global challenges. This commitment is part of broader initiatives, including the Paris Pact for People and Planet and the Bridgetown Initiative, aimed at reshaping global financial systems for more inclusive growth.
EU’s Ongoing Support to SIDS
The EU remains the largest donor to SIDS, providing over €1.2 billion in bilateral Official Development Assistance in 2022. This support is extended through various projects under the Global Gateway strategy, focusing on digital, environmental, climate, and energy sectors, among others. The European Investment Bank has also extended €3.47 billion in credit lines to support local credit institutions in SIDS.
In addition, a €35 million programme supports African, Caribbean, and Pacific SIDS and coastal countries, including the Bio space programmes in the Caribbean and Pacific and the Critical Ecosystems Partnership Fund in the Western Indian Ocean.
As the world looks toward a future marked by sustainable development and resilience, the partnership between the EU, OACPS, and SIDS exemplifies a shared commitment to addressing global challenges through cooperation and solidarity.
